The latest market sentiment survey by the European Federation for Distribution and Trade of Steel, Pipes and Metals (EUROMETAL) for October 2025 shows a cautious mood among European steel distributors. Although current market activity appears to have stabilized after several months of decline, confidence in a sustained recovery remains weak. The industry continues to face fragile demand, low visibility, and defensive strategies in the last quarter of the year.
Current activity is stabilizing after a sharp summer decline
The assessment of current business activity remained stable in October, marking the second consecutive month without further deterioration. Although activity remains slightly below neutral, this stability suggests that the market may have reached its lowest point after a sharp decline during the summer.
The forecast for the 4th quarter is slightly weaker
Expectations for the next quarter decreased slightly, reversing the cautious optimism recorded in September. The softening sentiment points to continued uncertainty regarding demand and economic obstacles in the main EU markets, with distributors adopting a wait-and-see approach.
Sentiment on stocks and pricing shows divergence
Inventory forecasts remain largely unchanged, with most distributors adhering to defensive inventory strategies and expecting stable volumes. Nevertheless, price expectations rose for the third month in a row, showing the strongest positive reading since the beginning.
